MTNN Records N100.49bn Net Profit In Q1 - Latest News
Earnings before interest, tax, depreciation and amortisation grew by 17.7 per cent to N302.7 billion, EBITDA margin declined by 1.3 percentage points to 53.3 per cent, while capital expenditure declined by 25.8 per cent to N120.5 billion.
Speaking on the results, CEO of MTN Nigeria, Karl Toriola said: “we continued to experience headwinds in our operating environment in the first quarter of 2023. The impacts of the ongoing global macroeconomic and geopolitical developments on energy, food and general inflation were exacerbated locally by petrol and cash shortages experienced during the period.
“This placed additional pressure on economic activity, consumers and businesses. The private sector experienced the deepest contraction in March 2023 since the recovery from the COVID-19 pandemic, driving down the PMI index to 42.3 points from 44.7 points in February 2023.” On outlook, Toriola said: “our focus is to continue enhancing the capacity of our network, accelerating 4G and 5G coverage to accommodate the rising data traffic and expanding rural coverage. We will continue to drive our home broadband strategy leveraging our 5G fixed wireless access device penetration and increased fibre deployment in key clusters to capture a significant share of market growth.
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